How do I calculate accrual basis rent revenue and expenses?
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Answer:
Rent Revenue: Cash received for rent 2,000 Plus rent receivable increase 370 Minus unearned rent increase (650) Equals accrual basis rent revenue 1,720 Rent Expense: Cash paid for rent 14,000 Plus prepaid rent decrease 600 Minus rent payable decrease (820) Equals accrual basis rent expense 13,780
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Other answers
Rent Revenue: Cash received for rent 2,000 Plus rent receivable increase 370 Minus unearned rent increase (650) Equals accrual basis rent revenue 1,720 Rent Expense: Cash paid for rent 14,000 Plus prepaid rent decrease 600 Minus rent payable decrease (820) Equals accrual basis rent expense 13,780
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